Modern Management Theory of Business - MyAssignmenthelp.com

Question: Discuss about theModern Management Theory of Business Sustainability. Answer: Introduction In order to have efficient operations in an organization, the management should identify effective skills to use so as to remain competitive as well as unique business strategies as discussed in the paper. Type of Management Skills Required Business operations which are efficient need some essential management skills for the companies to remain outstanding. Success of most small business is always determined by its profit, a successful business is the one believed to make a lot of profit. Some essential management skills are needed in running businesses to ensure its operating in the right track and has all it takes for the business to be successful. (Advances in business and management, 2011) The skills include; Decision Making The managers of Sweet Republic should be in a position to evaluate performance of the company as well as the production level and then decide on what to do according to the outcome. Most small business need a quick response on any information that needs to be checked on quickly and this can only be achieved through having a well established decision making skills where decisions can be made rapidly without mistakes. In addition, any situation that needs the management attention should be acted upon so that it may not repeat over and over again therefore making the companys operations efficient. (Kuznetsov, 2014) Effective Communication Skills Small businesses should maintain an effective communication skills which in the long run ensures the companys operations are effective, efficient ant the company remains to be more competitive than the others. For instance, sweet republic should not only focus on ensuring effective communication within the company, but also ensure information is shared effectively to its customers too and individuals outside the company. In case of changes in the flavors used to make ice creams or changes in ingredients used in baking cakes, such information should be communicated within and out of the company so that the current and new customers will be aware of changes in taste. (Rohlander, 2014) Motivation Managers whom dont put an effort of motivating their employees are classified the most ineffective. Motivation is a key tool to success and efficiency in operations therefore should be from internal, that is, it should come from the employees themselves whereby they should be self motivated. Management can support this by setting goals for their employees that will make them self motivated where they will work towards achieving the set targets and goals. (Rue, Byars, Ibrahim, 2013) Business Development Skills For sweet republic company to remain competitive, it should embrace essential business development skills. The company manager should identify areas in which operations needs to be improved and determines ways on how to improve on operations to improve on company development so that the company remains the best ice cream producers and competitive bakers. This can be done through cutting some costs and streamlining company procedures. (Rohlander, 2014) Business structure and strategy The most common used business structures are; Sole Proprietorship This is the simplest form of business structure operated and owned by one person. Its the most popular type of business because its easy to start, requires small amount of cash and simple to maintain. However, the business structure also is prone to shut down easily because only one person who is the owner finances the business and incase of huge depts. He is the only one responsible for paying. (Rue, Byars, Ibrahim, 2013) Partnership This is type of business structure owned by two or more people who have signed a mutual agreement. Its also an easy business to start since cost is shared amongst the partners therefore reducing the starting capital amount to be contributed by each partner. The disadvantage part of this business is bearing of consequences brought about by other partners. (Rue, Byars, Ibrahim, 2013) Corporation This is a business structure made up of a body of legal persons intended to carry on different type of businesses, the business is managed by selected directors and made up of various shareholders. The corporation body protects its owners from personal liabilities for any corporate debts. Business Strategy Business strategy is an effective way of carrying out business operation in order to attain the set goals. Common strategies used include; Pricing Strategy For a Company to gain a competitive advantage, it should price its products in slightly lower price than its competitors. For example the sweet republic company being an ice cream and baking company, should find out the prices charged by its competitors and reduce its price so as to remain competitive. Gaining a Technological Advantage Companies have to adapt to the rapid changing technology so as to remain competitive. For a company to outshine its competitors in terms of technology, it should gain a technological advantage over competitors and also preventing competitors from gaining the same advantage. (Rue, Byars, Ibrahim, 2013) Conclusion When a manager has all the skills discussed above and put in to practice the business strategies, they stand a great chance of making more profit as well as gaining competitive advantage. References Advances in business and management. (2011). New York. Kuznetsov, S. (2014). THE MODERN MANAGEMENT THEORY OF BUSINESS SUSTAINABILITY. Effective Crisis Management, (6), 62. https://dx.doi.org/10.17747/2078-8886-2011-6-62-67 Rohlander, D. (2014). Management skills. New York, NY: Alpha. Rue, L., Byars, L., Ibrahim, N. (2013). Management. New York, NY: McGraw-Hill. Tracy, B. (2014). Management. New York: AMACOM.